AXA Investment Managers – Real Assets has bought the REX Building, 62 Queen Street, EC4, from clients of Aberdeen Asset Management for close to £70m.
The 78,352 sq ft building is fully let to three tenants and is arranged over lower ground, ground and five upper floors.
It was developed in 2007 by Exemplar on behalf of the UBS Triton Fund and sold to the Scottish Widows Investment Partnership, which was subsequently acquired by Aberdeen, for £57.4m, a 4.64% yield, in March 2014.
Huw Stephens, AXA’s head of UK transactions, said: “The REX Building is in an area where we see potential for further create value, notably through asset management initiatives. This new acquisition takes our investments, on behalf of our clients, into the London market in 2015 to more than £2bn.”
